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The German Labor Market Reforms and Post-Unemployment Earnings
In 2003–05, Germany undertook extensive labor market reforms which were followed by a large and persistent decline in unemployment. Key elements of the reforms were a drastic cut in benefits for the long-term unemployed and tighter job search and acceptance obligations. Using a large confidential data set from the German social security administration, we find that the reforms were associated with a fall in the earnings of workers returning to work from short-term unemployment relative to workers in long-term employment of about 10 percent. We interpret this as evidence that the reforms strengthened incentives to return to work but, in doing so, they adversely affected post re-entry earnings.
Firms and the Decline in Earnings Inequality in Brazil
We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand the sources of this decrease. Firm effects account for 40 percent of the total decrease and worker effects for 29 percent. Changes in observable worker and firm characteristics contributed little to these trends. Instead, the decrease is primarily due to a compression of returns to these characteristics, particularly a declining firm productivity pay premium. Our results shed light on potential drivers of earnings inequality dynamics.
The Economics of Creative Destruction
Leading social scientists explore pressing issues--monopoly and inequality, growth and innovation, climate change and fraying social safety nets--through the lens of creative destruction. Far more than a theory of capitalist dynamics, creative destruction proves an important idea for illuminating a wide range of social and political challenges.
Structural Transformation and the Agricultural Wage Gap
A key feature of developing economies is that wages in agriculture are significantly below those of other sectors. Using Brazilian household surveys and administrative panel data, I use information on workers who switch sectors to decompose the drivers of this gap. I find that most of the gap is explained by differences in worker composition. The evidence speaks against the existence of large short-term gains from reallocating workers out of agriculture and favors recently proposed Roy models of inter-sector sorting. A calibrated sorting model of structural transformation can account for the wage gap level observed and its decline as the economy transitioned out of agriculture.
Social Policies in Times of Austerity and Populism
Featuring the latest research by Brazilian-based scholars previously inaccessible to an English-speaking audience, this book is a timely, authoritative, multidisciplinary overview of social policies in Brazil during the Temer austerity and the Bolsonaro populist presidencies. The breadth of policies studied herein provides clues on the political agenda, preferences, and strategies during this tumultuous period in Brazil’s history. Divided into four parts, Part I is a conceptualization: it brings basic understanding of Brazilian social policies, explains the trajectory of the Brazil political landscape, including the growth of a populist right-wing movement, the economic crisis and the incr...
The Great Retreat
"The Great Retreat: How Political Parties Should Behave And Why They Don't examines political parties as an institution central to democracy and critical to the relationship between democracy and capitalism. Political parties are the foremost intermediaries entrusted with representing the interests of a diffuse citizenry. Thus, parties shaped democracy and were crucial to democratic stability and success. When working well, political parties socialize citizens into politics and provide a consistent mechanism for citizens to wield a voice in their governments. The Great Retreat also considers the party development in Europe and Latin America in correlation with the trends in the United States"--
Germany
This 2015 Article IV Consultation highlights that the ongoing upturn in Germany is benefiting from the euro depreciation and lower energy prices, and is underpinned by a healthy fiscal position and sound corporate and household balance sheets. Employment growth has been robust, supported by strong immigration. The unemployment rate hit an additional post-reunification low at 4.7 percent. The oil price drop brought inflation temporarily close to zero, which has contributed to lift real wage growth to a 20-year high. The current moderate growth momentum is expected to continue as robust real wages buoy private consumption and euro depreciation buttresses exports, opening the way for a recovery in machinery and equipment investment.
Minimum Wages, Inequality, and the Informal Sector
How do minimum wages affect earnings inequality in countries with large informal sectors? I provide reduced-form evidence that the 2000s minimum wage hike in Brazil raised overall inequality by increasing inequality inside the informal sector. I develop a model where heterogeneous firms select into informality to investigate when and how raising the minimum wage can increase inequality. I calibrate the model to Brazil and find that, by generating substantial informality, the increase in the minimum wage raised overall inequality by 6.4%. These results suggest that movements into and out of the informal sector modulate the effects of formal labor legislation.
Entrepreneurship Today
This book explores how the U.S. has been in the throes of a startup revolution, fueled by a risk-taking culture. There has been a growth of young startup from 1994, accelerating after 2010 through the present day. Most entrepreneurial activity is in the professional and business services sector, which comprises technical services as well as research and development. However, new establishments face a low survival rate, suggesting that starting businesses is not the problem, sustaining their development and growth is the principal challenge. A paradox is presented by the simultaneous presence of declining labor force participation rate among prime working age adults, a decrease in productivit...
Modern Labor Economics
Modern Labor Economics: Theory and Public Policy, now in its fourteenth edition, continues to be the leading text for one-semester courses in labor economics at the undergraduate and graduate levels. It offers a thorough overview of the modern theory of labor market behavior and reveals how this theory is used to analyze public policy. Designed for students who may not have extensive backgrounds in economics, the text balances theoretical coverage with examples of practical applications that allow students to see concepts in action. The authors believe that showing students the social implications of the concepts discussed in the course will enhance their motivation to learn. Consequently, t...
